USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report predicts the 2012/13 corn crop at 10.8 billion bushels, the lowest since 2006/07. Corn yield was estimated at 123.4 bu./acre, which would be the lowest since 1995/96. USDA estimates ending stocks for 2011/12 at 118 million bushels higher as a result of lower projected exports, reduced corn use for ethanol and a small increase in imports. Corn usage for ethanol was reduced by 400 million bushels. The 2012/13 season-average farm price for corn is projected at a record $7.50 to $8.90/bu. The soybean crop is estimated at 2.7 billion bushels with a projected record season-average price of $15 to $17/bu. The season-average price for wheat was raised to $7.60 to $9.00/bu. “Tighter foreign wheat supplies and sharply higher corn prices raise price prospects for the remainder of the marketing year,” the report stated.